TEXAS JOB GROWTH: TEXAS MONTHLY JOBS REPORT: FEB 2017
Texas’ economy sprinted out of the gate this year, adding more jobs in January than it had in any month since 2013. Economists took that as a sign that the biggest shock to the Lone Star State’s rolling employment engine, the oil bust, was receding into memory. February’s numbers, however, were essentially flat: The state added a paltry 6,700 jobs, the Texas Workforce Commission reported Friday. Texas’ seasonally adjusted unemployment rate ticked up from 4.8 percent to 4.9 percent. And the Federal Reserve Bank of Dallas lowered its job growth projection for the year, from 2.7 percent after January’s gains to 2.3 percent.
Still, economists said there’s no reason to panic. In fact, taken together, the two months of data point to life in long-ailing sectors and hint at a robust year ahead. “Sure, [February was] substantially slower than January, but January was an outlier,” said Pia Orrenius, a senior economist with the Dallas Fed. “You kind of want to average out the two months to find the underlying momentum in the state economy, and I think it still looks very healthy.” Over the year ending in February, Texas added 222,400 jobs — trailing only Florida, which added 248,800, and California, which added 315,800, according to the Bureau of Labor Statistics.
Read the original article in the Dallas Morning News Texas Jobs Report.